Rare Hillegas Signed Federal Indent $1 and "Change" TypeUnited States Congress Federal Indent September 27, 1785 $1.55/90 Fr. UNL Anderson-Smythe 165. PCGS Very Fine 30 Apparent.
The Federal Indents issued from 1782 to 1787 represent an unusual series of Confederation period notes that were created due to the inability of the Continental Congress to redeem its paper money after the war. The new Federal government was still responsible for debt repayments on domestic and foreign bonds, which could only be met using anticipated states' taxations. The notes were created to be payable to the bearer for those taxes in convenient denominations and, in some cases, written in "ninetieths of a Dollar." The indents were issued on September 27, 1785 and October 11, 1787. These are rarely offered, and this is an interesting example. It was printed on thin paper with border designs at top and bottom. At the left end is the indented printing with the textual denomination. The "ONE DOLLAR, and" denomination is engraved in the typeset obligation, followed by space to accommodate a fractional addition in "ninetieths of a Dollar," which is written in as "fifty five" on this example. A ninetieth of a dollar was equal to one penny in the English system, and paper small change penny bills using that system circulated concurrently with these indents. Signed by Michael Hillegas, the less encountered signature on this series. He was co-treasurer of the United Colonies, along with George Clymer, and edited the Declaration of Independence. Because of that work, he was not a signer; Clymer signed instead. Later, Hillegas would become the first Treasurer of the United States, and he is pictured on large size $10 gold certificates. The paper is strong, the margins wide as originally cut on three sides with natural deckling remaining on the right. The indented printing cut shows part of the engraved ONE DOLLAR and would have fit the indent book neatly upon redemption. There is some modest foxing, which is noted as "Minor Stains." This is a superior Federal Indent note with an interesting denomination and strong Hillegas signature.
Ex: Eric P. Newman Numismatic Education Society.
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